IRON BEAR RESOURCES LTD — Capital/Financing Update 2006

Apr 23, 2006

24 April 2006

The Company Announcements Office Australian Stock Exchange Limited

Via E Lodgement

GOLD SPIN-OFF COMPLETED OVERSUBSCRIBED

Cape Lambert Iron Ore Limited (ASX: CFE) is pleased to announce the successful completion of the IPO associated with the spin-off of the Company's gold assets into International Goldfields Limited (ASX: IGC).

The IPO was fully over-subscribed with IGC raising a total of \$5 million dollars. IGC will issue 25 million shares at \$0.20 pursuant to the prospectus in the next few days.

With the successful completion of the capital raising IGC is now in a position to proceed to listing on the ASX, this is expected to take place within the following 10 days.

Yours faithfully CAPE LAMBERT IRON ORE LTD

Tony Sage Executive Chairman